Research Nov 2009

Commercial Banks

Commonwealth Bank of Australia Limited 1Q10 trading update

Brett Le Mesurier & Azib Khan   09-Nov-2009

CBA has said that its impairment expense charge for 1Q10 was approximately $700M while new impaired assets in the quarter were also approximately $700m.

 

Westpac Banking Corporation - Gail force

Brett Le Mesurier & Azib Khan   04-Nov-2009

Income growth will struggle to be significant in FY10 as a result of:

 

Insurance

AMP Limited The possible bid by ANZ

Brett Le Mesurier & Anthony Vogel   24-Nov-2009

ANZ is well positioned to make a takeover offer for AMP Limited. It could raise $10B at $18 per share to acquire AMP for $16.5B which represents a bid price of $8.25 per share. This is a 30% premium to the closing share price.

 

AMP Limited The AXA APH acquisition

Brett Le Mesurier & Anthony Vogel   09-Nov-2009

AMP and AXA SA announced today their joint bid for the assets of AXA APH. The scrip and cash offer of $5.35 per share, being a 31% premium to the last closing price, was rejected by AXA APH’s independent directors.